Bitcoin retail activity is showing signs of a revival, resembling patterns seen during the run-up to all-time highs earlier this year, according to new data.

In an Oct. 21 Quicktake blog post, onchain analytics platform CryptoQuant reported a 13% increase in transactions valued at under $1,000, indicating growing retail investor activity.

Bitcoin retail interest, which had significantly declined following March’s peak for BTC/USD, appears to be gradually returning.

Despite limited mainstream attention outside of institutional circles, as reflected by metrics such as Google search trends, transaction volume figures suggest a shift may be underway.

“In the last 30 days, retail demand grew by about 13%, highlighting a scenario that was only seen in March, when we were close to the last historical high,” noted CryptoQuant contributor Cauê Oliveira.

He added, “Note that in the last 4 months we have seen a decrease in the activity of these small investors, while whales maintained a high amount of transactions and absorption of coins.”

Bitcoin retail investor volume. Source: CryptoQuant

Data from Cointelegraph Markets Pro and TradingView reveals that BTC/USD climbed nearly 10% over the 30 days leading up to Oct. 20, while transaction volumes for amounts under $1,000 rose by 13% during the same period.

The trend resembles the weeks leading up to the March peak, according to Oliveira, who stated, “This recent rise in Bitcoin is causing small investors to return to trading, signaling the beginning of a pattern of lower risk aversion.”

Risk aversion remains a central theme for many market watchers.

Global liquidity trends are fueling a broader appetite for risk, with expectations that the trend will strengthen through the U.S. presidential election and beyond.

“Both BTC and ETH have yet to clear July highs but are closing in on key 70k and 2800 resistance levels,” QCP Capital wrote in its Oct. 22 bulletin to Telegram subscribers.

“A break above these levels is likely to attract massive retail attention. With the US elections just 15 days away and equities looking strong, the market is definitely optimistic as Risk Reversals have flipped in favour of Calls across all tenors.”

However, U.S. retail interest in Bitcoin remains muted.

CryptoQuant’s data indicates that the Coinbase premium — the pricing difference between Bitcoin on Coinbase and Binance — is barely positive, even as BTC approaches its highest weekly close since early June.